The Nexttech Revolution in the Financial Services Sector

The financial services is in the process of major disruption - where those that will survive will need to shift from being  product-centric to customer-centric. 

Maybe a solution is for them to  partner with data-centric tech firms whose core focus is on the customer.

These data-centric tech firms (DCTF) lack the legacy, invest in new technologies, and understand how best to manipulate data to deliver positive commercial outcomes for the customer.

They can hold and process volumes of data far more efficiently than financial institutions, with this efficiency increasing exponentially - faster than Moore’s law!

The banks have something that DCTFs want -  strong existing customer bases, which trust them to safely and securely hold their money and their most sensitive data. 

A financial institution working with a DCTF to combine elements of the traditional supply chain into a single integrated delivery platform will be deadly and potentially solve a wicked problem! 

Let’s create the “Nexttech  Financial Services  Forum” which will explore strategies to connect DCTFs with financial institutions and help negotiate this positive change - to  shift them from a product-centric to a customer-centric delivery model, and investigate new ways to provide personalized services for clients and customers.

What banks need to do to add massive value 

• Have a mindset of collaboration and Embrace partnership. Hyperscales have the funding, scale and capacity to support and accelerate the transformation of legacy businesses. They focus on a frictionless customer experiences

• Educate senior leadership. The financial institutions’ C-suite leaders must develop an understanding of new and evolving technologies, such as cloud. Only with this clarity of knowledge around critical technologies can leaders best evaluate the opportunities that these technologies present, their potential impacts to business and operating models, and the best strategic direction for the organization.
• Consider the impacts and implications of new technologies on the business model, the financial institutions will have to disrupt and transform - this will be done through collaboration with hyperscales. Maybe create financial services and technology forums - where they cam intersect and explore  new services, products and markets, empowered by access to the right data and APIs and a focus on the customer 
• Improve the storage of legacy data by working with technology firms or collaborating with fintech cloud providers. Maybe Blockchain solutions to avoid holding data? 

Inspired by a KPMG article https://home.kpmg/xx/en/home/insights/2018/02/tech-giants-in-financial-services-fs.htmlwritten by Anton Ruddenklau - global co-leader of fintech at KPMG 

Sense of Belonging

Kala Phillips talks to Desi Australia - a multicultural magazine for the Indi- Australian community 

 https://www.desiaustralia.com/sense-of-belonging/

Every day I continue to navigate a world that has been both fundamentally changed by recent events and is now making a more intentional effort to end systemic racism, discrimination by religion, colour, race, gender or sexual orientation, social injustice, and inequality. It is my hope that we start thinking of ourselves as global citizens and as a human race.

There are millions of languages, religions, races, castes, cultures but the common thread between us all no matter where we come from is that we are human. Diversity leads to differences, some of us make the effort to tolerate and accept, others work on inclusive practices, but we need to enable a sense of belonging.

As migrants and now citizens, we live in a lucky country where endless opportunities lead to life changing journeys. We have the ability to do what we love, learn without limitations and adapt what is authentic and inspirational to us. We bring with us our rich tradition and heritage, and we also embrace the new future, its wonderful history and where we will be forming our next generations.

The last 16 years, I have tried to learn new cultures, walked a mile in someone else’s shoes and listened to someone else’s story that changed my perception of a whole community. It has made me see others through a different lens, given me peace and purpose, made me more grateful for my life and family, and allowed me to give back to the less fortunate.

I am part of a forum called “The Yarning Circle ” where we founding members are from all walks of life – First Australians, LGBTQI+, women, migrants, refugees, or physically challenged. We work for the community and for change. One of my projects is to listen to the stories of some incarcerated women, who suffered years of domestic violence and out of desperation they committed crime. I found purpose in helping them to find a job, to be financially independent and gain their dignity. 

My perception of them changed when I walked a mile in their shoes. I knew I had to UNLEARN my presumptions and hear their stories.

“We need to give each other the space to grow, to be ourselves, to exercise our diversity. We need to give each other space so that we may both give and receive such beautiful things as ideas, openness, dignity, joy, healing, and inclusion.”—Max de Pree